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Thursday, December 03, 2009
Suit Filed Against SF Builder
Journal Staff Report
Los Alamos National Bank has filed a foreclosure complaint against Santa Fe builder and former congressional candidate Don Wiviott, alleging that Wiviott and his Wiv Co. corporation have missed deadlines to pay off about $2.9 million in loans.
The bank, in a state District Court complaint, says Wiviott borrowed the money in 2006 and 2009 and the notes were secured by a mortgage on vacant buildings at 515 and 519 Cerillos Road, at the intersection with Manhattan.
Wiviott, known for his loft projects in the Santa Fe Railyard and other locations around Santa Fe, said Wednesday the bank had changed the terms of the deal. “We made our payments and we had an agreement with them, and they changed their mind,” he said.
Wiviott said he still intends to develop the vacant buildings.
He previously presented plans for the site, which includes buildings that formerly housed car dealership and the old Club Luna, to the city Historic Design Review Board.
“That's a good site,” he said. “Something needs to happen there. It's close to the Roundhouse and the new courthouse. We've started taking reservations.”
Los Alamos National Bank's complaint asks a judge to order foreclosure on the property and appoint a special master to sell it to pay off the loans.
Wiviott said his company is doing well. “We have about a 94 percent occupancy on all our buildings,” he said.
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